Morning News Call - India, December 1

Reuters Staff

5 Min Read

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FACTORS TO WATCH
9:30 am: Commerce Minister Suresh Prabhu, Finance Secretary Hasmukh Adhia
and Commerce Secretary Rita Teaotia at India Gold and Jewellery Summit in New
Delhi.
9:30 am: Reliance Infrastructure Oil and Gas CEO A.K. Balyan at SHRM Indias
National PSU Conference New Delhi.
12:30 pm: Cabinet briefing likely New Delhi.
4:00 pm: Mines Secretary Arun Kumar to brief media about amendments on
mineral auction rules New Delhi.
LIVECHAT- WEEKAHEAD
Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 04:30 pm IST. To join the conversation, click on the
link: here
INDIA TOP NEWS
• India sees growth rebound as businesses adjust to new tax
India's economic growth rebounded to 6.3 percent in the three months ending
in September, halting a five-quarter slide as businesses started to overcome
teething troubles after the bumpy launch of a national sales tax.
• India's fiscal deficit reaches 96 percent of FY target in October -
government
India reported a fiscal deficit of 5.25 trillion rupees for April-October,
or 96.1 percent of the budgeted target for the current fiscal year that ends in
March 2018.
• RCom says majority of creditor banks oppose CDB insolvency petition
Debt-laden Indian wireless carrier Reliance Communications on Thursday said
that a majority of its 31 creditor banks have decided to oppose China
Development Bank's insolvency petition against the company.
• HDFC AMC gets board approval to start IPO process
The board of HDFC Asset Management Co Ltd on Thursday gave its approval to
begin the process for launching an initial public offering of India's
second-biggest mutual fund manager by assets, according to a stock exchange
filing.
GLOBAL TOP NEWS
• U.S. Senate tax bill stalls on deficit-focused 'trigger'
The U.S. Senate on Thursday delayed voting on a Republican tax overhaul as
the bill was tripped up by problems with an amendment sought by fiscal hawks to
address a large expansion of the federal budget deficit projected to result from
the measure.
• Japan consumer prices, household spending raise doubts about inflation
Japan's core consumer prices rose in October from a year earlier, marking
the 10th straight month of gains, but a narrower measure that excludes energy
showed inflation has not accelerated for three consecutive months.
• Bitcoin pauses below record peak; gained 55 percent in November
Bitcoin hovered around $9,600 in volatile trade, after tumbling about 15
percent from an all-time high hit this week as some investors warned ominously
of a bubble and further falls in the stratospheric cryptocurrency.
GLOBAL MARKETS
• The S&P closed at a record high and the Dow Jones Industrial Average broke
above the 24,000 mark for the first time on Thursday as investors gained
confidence that the Republican party's push for a U.S. tax overhaul would
succeed.
• Asian shares pushed higher, cheered by Wall Street gains after apparent
progress on U.S. tax legislation as investors waited for the Senate's vote,
while higher U.S. Treasury yields underpinned the dollar.
• The dollar steadied against the yen, losing steam after rising to a 10-day
high, as the market endured the wait for a vote on a U.S. tax reform bill.
• U.S. Treasury yields rose sharply on Thursday, in line with the steep
rally on Wall Street, on news that Senator John McCain had endorsed the U.S.
Senate tax bill, potentially easing challenges to its eventual passage in
Congress.
• U.S. oil held steady after OPEC and other major producers agreed to extend
production curbs in a widely expected move aimed at ending a persistent glut in
global supplies.
• Gold prices edged higher, after marking a 3-1/2 week low in the previous
session, as the dollar weakened slightly after the progress on U.S. tax
legislation hit a roadblock.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.60/64.63 November 30 -$232.63 mln -$33.66 mln
10-yr bond yields - Month-to-date $3.05 bln -$212.16 mln
Year-to-date $8.69 bln $25.73 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 64.48 Indian rupees)
(Compiled by Shradha Singh in Bengaluru)